Adani Enterprises, 9 other Adani shares see Rs 55,000 cr in value erosion; group m-cap slips below Rs 10L cr mark

Concerns over US authorities looking into representations made by Adani group to US investors following Hindenburg Research's explosive report sent Adani group shares falling up to 5 per cent in Friday's trade. The 10 listed Adani group companies, in fact, lost nearly Rs 55,000 crore in market value, with their combined market capitalisation (m-cap) falling below Rs 10 lakh crore mark, data compiled from corporate database AceEquity suggests.

As per the Bloomberg report, the US Attorney’s Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate, one person familiar with the inquiries said. The requests for information were focused on what Adani Group told those investors, a person told Bloomberg, who asked not to be identified because the probe was not public. The Securities and Exchange Commission also has a similar probe underway, two other people told Bloomberg.

The m-cap of the 10 Adani group stocks was down Rs 54,686 crore at Rs 9,73,200 crore in Friday's trade against Rs 10,27,886 as on Thursday.

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At 11.11 am, shares of Adani Enterprises were trading 8.92 per cent lower at Rs 2,182.10. Adani Ports declined 4.8 per cent to Rs 709.75. Adani Power slipped 5.12 per cent to Rs 243.65. Adani Transmission was down 6.88 per cent to Rs 749.50. Adani Green Energy was trading 2.6 per cent lower at Rs 948.75. Adani Total Gas dropped 3.47 per cent to Rs 632.40. Adani Wilmar fell 2.98 per cent to Rs 405.90.

That said, requests for information from US prosecutors does not necessarily mean that criminal or civil proceedings will be filed as law enforcement agencies often open inquiries that does not lead to action. A spokesperson for Ahmedabad-based Adani Group told Bloomberg it was not aware of any subpoenas to investors.

“Our various issuers groups remain confident that the disclosures are full and complete as disclosed in the relevant issuer offering circulars," the spokesperson said. The group has denied the short seller’s accusations.

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